By present $12 billion has been invested into implementation of the Shah Deniz Phase 2 field, including construction of the pipeline infrastructure in Azerbaijan and Georgia, and 30% of works have been completed, Vitalii Beglyarbekov, SOCAR Deputy Vice President, said in his interview to EurActiv.
“This shows that implementation of the Southern Gas Corridor (SGC) project cannot be stopped. SGC is not only a set of the signed agreements, we speak about billions of dollars of investments,” he added.
Beglyarbekov said that the deadline of commencement of gas extraction from the Shah Deniz Phase 2 is 2018.
“In 2018 gas will be delivered to Eskishekher, Turkey. Our buyers in Greece, Bulgaria and Italy will start receiving gas from the Shah Deniz field in early 2021,” he added.
The SGC project envisages creation of the pipeline infrastructure for transportation of Azerbaijani gas extracted from the Shah Deniz Phase 2 field to Europe via Turkey (cost of the project is $28 billion).
Cost of the project is estimated at $45 billion. The main components of the projects are Shah Deniz Phase 2, expansion of the South Caucasian pipeline Baku-Georgia-Turkish border, construction of the trans-Anadolu gas pipeline (TANAP) from the eastern to the western border of Turkey and the trans –Adriatic gas pipeline (TAP) connecting Greece, Albania and Adriatic Sea with the south of Italy.
It is expected to deliver 10 billion cub.m. of Azerbaijani gas to Europe. 6 billion cub.m. of Azerbaijani gas will be delivered to the western regions of Turkey.—0-
Economics
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In Baku, grappling with growing environmental challenges, experts and policymakers convened on Friday for an international scientific conference titled “Sustainable Environment: Transition to Green Energy.” The event highlighted the urgent need for innovative strategies to combat pollution and advance renewable energy initiatives.
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Kazakhstan is set to increase its oil transit through the Baku-Tbilisi-Ceyhan (BTC) pipeline by 5.1% in 2024, reflecting growing regional cooperation and diversification in energy routes. According to figures obtained by Turan News Agency, the total volume of Kazakh oil transiting through the BTC pipeline is projected to exceed 1.464 million tons, up from 1.392 million tons in 2023.
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In a groundbreaking development for Azerbaijan’s energy sector, GL Group, a prominent Azerbaijani oil company, has announced plans to drill the country’s first horizontal well on land, reaching a depth of 4,400 meters with a lateral section of approximately 400 meters. The project, a milestone in the region’s oil exploration history, is set to take place at the Kirsangi-Garabaghly onshore fields.
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The Central Bank of Azerbaijan (CBA) forecasts an annual inflation rate of 5.1% by the end of 2024, comfortably within the target range of 4% ± 2%. However, recent data indicate that inflationary pressure has significantly eased over the year: in October, the inflation rate stood at 3.4%, slightly down from 3.5% in September. Official data for November have not yet been released, leaving room for speculation about possible year-end adjustments.
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